Transcript

00:00:01

>> Fashion icon Ralph Lauren may be his namesake company's biggest asset and its biggest problem. Investors remaining nervous, even though a CEO is coming on to lead the upscale lifestyle brand. Proctor and Gamble executive Patrice Louvet named as incoming CEO Wednesday. But with 77 year old Ralph Lauren still holding control as board chairman and chief creative officer, skeptics are not sure he's up to the challenge of overseeing the company through this seismic change hitting the retail world.

00:00:32

His reluctance already forced out Stefan Larsson, whose success at Old Navy made him a retail star. But Larsson only lasted a year as the head of Ralph Lauren, due to clashes with the founder. Once the face of Americana, the brand has fallen on tough times. With its merchandise languishing on deserted department store shelves, as fast fashion retailers still market attention.

00:00:54

Shares of Ralph Lauren tumbling to a seven year low, on a day when the announcement of a new CEO should have breathed new life into an aging brand.